What are the differences between the Health Care and Dependent Care FSAs?

There are three major differences between the two FSAs. First, each account has different eligible expenses; review them by selecting the following links: Health Care FSA or Dependent Care FSA.

Second, is when account funds are available for you to use:

  • Health Care FSA - the entire Annual Goal is available at any time throughout the plan year, regardless of the amount that you have put into the account. That means when the plan year begins on the first of the year, you have access to your full Annual Goal.

  • Dependent Care FSA - you will only be reimbursed up to the amount that is currently in your account, regardless of the Annual Goal you have elected. For example, if you are submitting a reimbursement claim for $400.00 and only have $200.00 in the account, you will initially be reimbursed for $200.00 and reimbursed for the rest once the funds are deducted from your pay and deposited in your account.

Third, with the Health Care FSA, you will have access to the Health Care Card. The Card works like a credit card that gives you full access to your account funds. The Health Care Card is not available for the Dependent Care FSA.